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Citi, BNP top lenders to Saudi groups says report

Riyadh, June 24, 2009

BNP Paribas and Citigroup figure among the biggest lenders to Saudi billionaire Maan Al-Sanea with a 16 percent share of $6.3 billion in syndicated loans to him and the Algosaibi family, Bloomberg News reported on Wednesday.

Both Algosaibi and Saad Group have said they are restructuring their debt, which totals around $10 billion, according to unconfirmed reports.

Bloomberg cited a list of 37 creditors that provided $5.6 billion to Saad Group, saying France's BNP loaned about $475 million to Saad Group and $47.5 million to Ahmad Hamad Algosaibi & Brothers Co (AHAB).

Citigroup loaned $500 million to Saad, the report said.

The third largest creditor is Jordan's Arab Bank with a $350 million loan to Saad and $40 million to Algosaibi.

Samba Financial Group is owed $300 million by Saad Group, Belgium's Fortis Bank loaned $250 million to Saad, and HSBC provided $200 million to Saad, Bloomberg said. - Reuters




Tags: Saudi | Citi | BNP | Saad |

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